NAPLES REAL ESTATE VOICE

FORECLOSED PROPERTIES MAY NOT BE YOUR BEST BET!

Friday, July 3rd, 2009 at 7:55am. 4 Views, 0 Comments.

We have talked previously about some of the pitfalls in purchasing foreclosed properties and more and more we stand by our attitude that they are not the great deals that people perceive them to be. Backing up our contention was a recent article in the Naples Daily News about foreclosed properties being stripped clean.

Recently I was in a property in the community of Berkshire Lakes and viewed a single family home that literally sadly had everything taken out of it. Not only had the appliances been removed, but the former owner had removed sinks, vanities, toilets, molding and more. Even the switch plates had been taken.

The home was a complete disaster and coupled with the fact that it did not have a pool, abutted Radio Road and had the air off for well…

2009 HOMEBUYER TAX CREDIT SITES TO YOU GET THE MOST OUT OF IT

Thursday, June 11th, 2009 at 7:36pm. 76 Views, 0 Comments.

We've talked in previous posts about the first-time buyer and the importance of the 2009 Homebuyer Tax Credit which can be claimed on either your 2008 or 2009 tax return and in reality is like having a bag of cash in the bank. Every week there is a new program out specifically addressing creative ways to take advantage of the credit, and if you are a first-time home buyer, you need to know the details.

There are several sites that will help in understanding not only the credit, but advantageous ways to apply it. MSNBC recently did a nice article on the subject called Getting The Most Out Of Your Homebuying Tax Credit.

Another site REBAC (Real Estate Buyer's Agent Council) doews a nice job of explaining the 2009 Homebuyer Tax Credit.

Again, for the first-time…

IF YOU ARE QUALIFIED FOR A MORTGAGE, GO GET THAT DEAL NOW!

Sunday, June 7th, 2009 at 7:39pm. 77 Views, 0 Comments.

With the tightned credit restrictions, it makes perfect sense that if you are pre-approved for a loan you take action now instead of waiting.

There are many reasons to act now, not the least of which rates will be rising, even though they are currently quite low. Last week ended with the 30-year fixed rate rose above 5% for the first time in a while. One can assume with relative certainty that mortgages will be costing more in the very near future. 

Another reason to pull the trigger if you are serious about looking for a home and you are a first-time buyer is the $8,000 Tax Credit Bonus. You must purchase the property prior to December 1st, 2009 and plan to make it your full-time residence for at least two years. Unlike previous tax credits, this one is…

HOMESTEAD EXEMPTION EXPLAINED

Friday, June 5th, 2009 at 8:14am. 46 Views, 0 Comments.

Many times we are asked by prospects who are moving to the area full time and will be making Naples their permanent residence about the Homestead Exemption and what it entails.

Every person who owns a dwelling in the State of Florida and who resides in that dwelling, and in good faith makes it his or her permanent home, is eligible for this exemption. Once granted, you are entitled to a reduction of up to $50,000 from the assessed value of your dwelling.

The best bet for finding out about information for the Homestead Exemption is to visit the Collier County Property Appraiser website. If you click in the green bar to the left under Homesteads and Exemptions you will get a detailed explanation along with the requirements and time for filing for the…

WHAT LOOKS LIKE A DEAL MAY NOT NECESSARILY BE

Sunday, May 17th, 2009 at 8:01pm. 126 Views, 0 Comments.

The first words out of the lower end buyer's mouths many times are pre-foreclosures, short sales and forclosures. Buyers often perceive these to be the best values out there primarily because of the price points and the massive publicity that the press nationwide has given them. But a word of caution is in order, rather than just rushing in and regretting it afterward.

In the case of short sales, whether approved by the lender or not, once an offer is made by a buyer, they effectively have taken themselves out of the market ubtil such time as the mortgage holder makes a decision. Although the banks and lending institutions have gotten better about the time of response, you never can count on any time frame.

With regard to forclosed homes, a buyer must…

REMEMBERING LOCAL SERVICES AT CLOSING

Monday, May 11th, 2009 at 9:12am. 95 Views, 0 Comments.

Many times when people first purchase a home here in the greater Naples area, they are a bit overwhelmed with where to start regarding local services.

Naturally if the closing is a mail-away, (one where the buyers are not present for the closing,) it is important that the basic services such as water and electric be transfered to the new owners the day of closing. Often times the buyers are so excited that they can tend to forget about having the basic utilities transfered into their names and it is up to us, as their realtor, to make sure that it gets taken care of.

Questions always arise regarding other important things such as where do I get a beach sticker. etc., so we put together a list of important local services. If you click on Local Services, you…

BAYFRONT...AN EXCELLENT INVESTMENT!

Thursday, May 7th, 2009 at 10:39am. 79 Views, 0 Comments.

Although there are many opportunities for investment in the greater Naples Real Estate Market, we feel that Bayfront presents an exceptional opportunity for the person who desires intown city-living.

Bayfront is a newer mixed-use upscale development built in 2000 and strategically situated on Naples Bay across 5th Avenue and Tin City. As you cross the bridge from 41 leading into Naples, you can't miss Bayfront on the right hand side with its colorful buildings.

At street level, there are some excellent restaurants offering great ambience and views of Naples Bay, as well as art galleries and an array of fine botique shopping. All this a short elevator ride from any one of the units above. The community offers a pool and tennis courts and is a short walk…

COST OF BUYING, HOLDING AND SELLING NAPLES REAL ESTATE

Tuesday, April 14th, 2009 at 1:57pm. 243 Views, 0 Comments.

Often we are asked about the different costs related to buying, holding and selling real estate in the greater Naples area. The costs associated with purchasing property will vary within each county in the State of Florida. For example, the cost of purchasing property in the Naples area (Collier County) will be different than purchasing in Bonita Springs, Estero Ft. Myers (Lee County).

The largest single expense for buying a home in the Naples area is title insurance.

Paying the cost of title insurance becomes the responsibility of the buyer and will insure the buyer against loss, if it is subsequently discovered that there was a defect in the title. If the buyer is getting a mortgage, the lender will require the buyer to purchase title insurance. If the…

YOUR CREDIT IS UNDER A MAGNIFYING GLASS!

Monday, April 6th, 2009 at 7:57pm. 169 Views, 0 Comments.

The dicotomy of having the lowest interest rates not seen in decades is that with the current tightened credit restrictions, it's all for naught if people are being denied credit for mortgages. The policy has to change. Those restrictions must be loosened in order for the housing market to turn around. Fortunately living in Naples, a world-class destination, the situation isn't quite as dire as it is in the rest of the country.

Still it is extremely important that if you plan to seek credit you do everything within your power to safeguard your score, as well as try to strengthen and raise it if at all possible.

Remember the rate that you will pay will be solely based upon that score. Naturally if your score is lower, the greater the fees you will end up…

LOCK IN EQUITY IN A DOWN MARKET

Tuesday, March 17th, 2009 at 7:35pm. 189 Views, 0 Comments.

I read with great interest the other day an article in the Naples Daily News that talked about a specific Naples builder who was offering buyer protection that would protect the purchaser against any loss during a market downturn. The plan is known as new home price protection and has recently been offered nationwide by a company out of Texas called EquityLock Financial.

The plan is structured as a contract, not as an insurance plan and is tied to a local market index. Should the index drop at the point of a sale, EquityLock will pay the percentage that the index has dropped despite whether the sale shows a profit or loss.

The plan is offered to not only developers and builders, but to average homeowners as well. The cost is between 2% to 3% of the…